For people in construction and other industries that require heavy equipment, the challenge is always in deciding whether to buy or rent equipment. In case you are facing a dilemma between buying and renting, here are 5 benefits to renting heavy equipment.
- It frees up capital
Every business requires working capital for it to thrive. That’s why every decision you make should be geared towards ensuring that your business has as much liquidity as possible. This is exactly what you get by renting heavy equipment. Heavy equipment doesn’t come cheap, and buying one means that you tie up lots of capital, capital that can be used elsewhere. By renting such equipment, you get to enjoy all the benefits that it gives you, but without tying up capital. That’s a catalyst to the success of your business.
- You incur lower storage costs
Unlike cars, heavy equipment requires specialized storage. You can’t just leave it anywhere. This means that when you own one, the cost of storage becomes an integral part of your expenditure. You can easily avoid this cost by renting such equipment. That’s because when you rent it, it is the company renting it to you that handles storage issues. They transport it to and from your work location, whenever it may be. As such, you get to reap all the benefits of such equipment without having to deal with this largely unnecessary cost.
- It gives you operational flexibility
The technical capabilities of heavy equipment is improving all the time. This means that a new model equipment offers more efficiency that an old one. Unfortunately you can’t have this flexibility if you own the equipment. That’s because the initial capital outlay to buy a new one is huge, and replacing the one you have can take time too. You can avoid these challenges through renting. That’s because when you rent, you get to choose the latest equipment at all times, without any extra cost on your end. That’s a good way to stay competitive in your business.
- Zero maintenance costs
When you buy heavy equipment, you have to deal with the costs of maintaining it, and it’s not cheap. In fact, for heavy use equipment such as those that run 24-hours, maintenance has to be done regularly and it can be costly. That’s why renting is so advantageous. When you rent it, you get to enjoy all the benefits that such equipment has to offer, without having to deal with the maintenance costs. That’s a huge cost saving that any businessperson can’t overlook.
- Heavy equipment for rent is readily available
Unlike in the past, the heavy equipment rental business has grown significantly all across the world. As such, for a business that deals with heavy equipment, ease of access is an even better reason to rent rather than buy it. When you factor in costs like maintenance and storage, there is no point in buying what you can lease more cost-effectively.